3 days ago
MMRDA allots 2.1-acre land in Mumbai's BKC to Schloss Bangalore for Rs 1,302 cr
The Mumbai Metropolitan Region Development Authority (MMRDA) has allotted a prime land parcel spread over nearly 2.1 acre in Mumbai's business district
Bandra-Kurla Complex
(BKC) to a consortium led by Brookfield
Asset
Management-backed
Schloss Bangalore
for a lease premium of Rs 1,302 crore.
The luxury hospitality company that owns, develops and operates The Leela Palaces, Hotels & Resorts is planning a mixed-use project, including a 250-key luxury hotel on this plot. The land parcel in the G block of BKC has a total permissible built-up area of over 3.62 lakh sq ft.
Of the total payable premium for the 80-year lease, 25% is payable within two months of the offer of allotment and the remaining 75% within ten months thereafter.
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'The plot area mentioned above is subject to actual demarcation of the site and may vary as per site condition. The possession of the aforesaid plot shall be handed over after the
payment
of the total lease premium,' the newly listed company said in a regulatory filing on Tuesday.
A Schloss Bangalore-led consortium including Arliga Ecospace Business Park and Schloss Chanakya had submitted its bid for the land parcel in February.
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The company is aiming to deepen its presence in key domestic markets while selectively extending its footprint overseas with plans to add seven more hotels by 2028, adding over 678 keys, a 19% increase over its current capacity, Ankur Gupta, Managing Partner and Head of Asia Pacific and Middle East, Brookfield Asset Management, had recently told ET.
'We are actively working on seven new hotels to be added by 2028 across heritage, spiritual, wellness, and nature-led destinations. These are in various stages of
acquisition
and development, and will be a mix of owned and managed assets,' he said.
Over the last six years, the brand has grown its portfolio from eight to 13 hotels, increasing its total
inventory
from 2,495 to 3,553 keys. It comprises five owned hotels, seven managed hotels, and one hotel which is owned and operated by a third-party owner under a franchise arrangement.
